Why do we care so much about inequality? If everybody gets better but some more than others, inequality increases. If everybody gets miserable, inequality decreases. Very misleading indicator IMO.
"All studies find that income inequality rose after 1979, but common perceptions that all income gain went to the top 10 percent and middle class incomes stagnated (or even declined) are wrong."https://marginalrevolution.com/marginalrevolution/2018/12/increases-inequality-overestimated.html …
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We care because trickle down economics is incidental, not currently the goal. So everybody getting better is just a happy coincidence. Rich people live much better lives than anyone else while poor people still feel miserable despite being better off. It indicates if we have a..
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I find it weird that people focus so much on rising inequality and so little on how much new wealth has been created during that time.
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Is it really weird? People don't feel the overall wealth increase. They only feel the cost of living go up and the sight of rich people becoming ever richer while their own fortunes don't grow at a similar rate. It's clear why the focus is on the quadratic growth than the linear
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Respectfully, any would-be rebuttal (such as this one) that focuses on measures of income inequality rather than wealth inequality is disingenuous at best.
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Very few people discuss how the BLS systemically underreports inflation. 1% undercounting per year amounts to 40% faux growth over 35 years.
@EricRWeinstein and John Williams’ Shadow Stats shed light on this.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Capital in the 21st Century from Thomas Pikkety is the definitive book on this. He claims r>g (Rate of Return on investment > Growth of the Economy) making wealth transfer inevitable. If decreasing disparity is a goal, the economy must grow faster than people can capture revenue.
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